Leaders of the sixteen countries which use the European single currency—the EURO—have approved an unprecedented $145 billion loan to Greece to prevent its financial crisis from spreading. In return for the three-year loan Greece must CUT public spending to reduce its budget deficit. Euro zone leaders also agreed to re-Enforce the rules governing their own national budgets in an effort to prevent any future financial crisis. The President of the European Council said the Euro zone members would work as one to tackle the crisis. <br/> <br/>Meanwhile, the main European stock markets have closed sharply lower after a week in which share prices were hit by worries over the Greek economy and over the debts owed by some European countries. In the United States, the main stock market Index also closed lower. <br/> <br/>Friday saw dramatic falls in share prices throughout Europe. At one point it seemed the shares were in a state of free fall but most of the major stock exchanges recovered somewhat before the close of trading. The uncertainty over UK election results was a factor in London, but elsewhere the traders were much more worried that the banks had been lending money to European Governments. Trust between the banks is at risk and that has led to fears that the system may seize up as it did in 2008.<br/>